CASE Construction Equipment is launching a new excavator leasing program, called CASE Power Lease, through its captive finance lender.
CASE Construction, a subsidiary of CNH Industrial, offers leasing on its full-size D Series and E Series excavators via the captive finance lender CNH Industrial Capital. The program offers 36 months/3,000 hours lease rates with the ability to apply credit for up to 300 unused hours to the purchase or lease of another large CASE excavator, Vickie Elliker, director of leasing and remarketing at CNH Industrial Capital, told Equipment Finance News.
“As a team working with CASE, we asked ourselves, ‘How do we meet our customers where they are with a product that can give them some predictability on the life of their lease?’ That’s how the CASE Power Lease was born,” Elliker said. “This is a first for us and likely the first-of-its-kind in the industry right now.”
The lease program also comes as CASE customers and the equipment industry find ways to better navigate the rising interest rates and a possible recession, which Terry Dolan, vice president of North America for CASE Construction Equipment, told Equipment Finance News.
“We spend a lot of time on job sites talking with our customers,” Dolan said. “They have real concerns about rising interest rates and the threat of recession.”
Leasing offers a means to manage costs in the current interest rate environment and during the lease’s length, Dolan said.
“The goal of the CASE Power Lease is to help contractors better predict their costs during the life of the lease,” he said. “The ability to receive credit for unused hours to apply to the purchase or the lease of a new like-sized excavator is a unique benefit that can only be offered through our captive finance lender, CNH Industrial Capital. The best part of this unique feature is that it helps customers build out their fleet, in which under traditional leases, they would lose equity on.”
CNH Industrial Capital
Access to CNH Industrial Capital offers unique finance solutions, Dolan said.
“We started conversations with our captive finance lender, CNH Industrial Capital, to find innovative finance solutions to respond to these concerns,” he said. “The CASE Power Lease is an attempt to give contractors a little peace of mind in these unprecedented times.”
Jeremy Engelhardt, director of sales in North America at CNH Industrial Capital, told EFN that the relationship between CASE and CNH Industrial Capital helps provide solutions to navigate the current economy.
“As the dedicated finance partner to CASE, we understand the unique needs of contractors and work hard to develop flexible financial solutions that can help our customers achieve their specific business goals,” Engelhardt said. “We continually strive to create dynamic and competitive purchase and lease options for our customers, especially in an ever-changing lending environment like what the industry is facing today.”
Companies such as United Rentals, Sunbelt Rentals, Caterpillar and Home Depot offer large excavator rentals, but not leasing, according to their websites.
“This program is only being offered through June 30, 2023,” Engelhardt said. “We expect the volume of these leases to be strong given the financial predictability it helps provide contractors.”
